It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
CHICKEN SHAWARMA SALAD WITH TAHINI DRESSING
This is oné of my favorité summér paléo dinnérs! Chickén shawarma salad is an incrédibly flavorful, frésh, and élégant wééknight dinnér. Thé grééns aré tosséd with mint and parsléy, thén toppéd with crunchy cucumbérs, gardén-frésh tomatoés, and téndér slivérs of réd onion. éach bité is crisp, bright and bursting with flavor.
Whilé this récipé is pérféct as-is, I do maké a couplé of modifications. I omit thé réd onion and instéad toss it raw into thé salad grééns. Samé with thé parsléy garnish. I also réducé thé garlic by half, bécausé it’s a bit ovérwhélming in a salad situation.
Ingrédiénts
Chickén Shawarma
- 2 lémons juicéd
- 1/2 c. avocado oil
- 3 garlic clovés mincéd
- 1 tsp koshér salt
- 2 tsp crackéd black péppér
- 2 tsp cumin
- 2 tsp paprika
- 1/2 tsp turméric
- 1/2 tsp réd péppér flakés
- 1.5-2 lb bonéléss skinléss chickén thighs
Salad
- 1/2 héad romainé léttucé
- 1/2 héad buttér léttucé
- 1/2 c. frésh parsléy choppéd
- 1/2 c. frésh mint choppéd
- 2 c. chérry tomatoés halvéd
- 1/2 énglish cucumbér séédéd and slicéd
- 1 small réd onion thinly slicéd
Lémon Tahini Dréssing
- ½ c. tahini
- ¼ - ½ c. watér
- ¼ c. olivé oil
- 1 lémon juicéd
- séa salt to tasté
- crackéd black péppér to tasté
Instructions
In a small bowl, add thé lémon juicé, avocado oil, salt, péppér, and spicés and whisk. Placé thé raw chickén thighs into a gallon-sizéd zippér bag and pour thé marinadé ovér thé chickén. Rub thé marinadé into thé chickén with your (cléan) hands, thén préss thé air out of thé bag, séal, and placé in thé fridgé. Marinaté at léast a féw hours, and up to ovérnight. I préparé thé marinadé first thing in thé morning for an événing méal.
Whén you'ré réady to cook, préhéat thé ovén to 425.
Rémové thé chickén from thé marinadé and placé it onto a rimméd baking shéét. Pour any éxcéss marinadé ovér thé chickén. Roast for 30 minutés, until thé chickén is cookéd throughout. Sét asidé to cool slightly, thén slicé into 1/2" strips.
Whilé thé chickén is roasting, prép thé salad. Chop thé léttucé and hérbs, thén toss to combiné. Chop thé tomatoés and cucumbér, and slicé thé réd onion.
Placé thé tahini, olivé oil, lémon juicé, salt and péppér into a bléndér along with 1/4 cup of watér to start. (I lové using my Ninja bléndér to maké dréssings. Thé individual cups aré thé pérféct sizé for small batch itéms liké salad dréssing!). Blénd until émulsifiéd. Add additional watér to réach désiréd consisténcy. For salad dréssing, vs. a dipping saucé, I usé closér to half a cup, sométimés a bit moré.
Layér thé tomatoés, cucumbérs, and réd onions ovér thé hérb salad basé. Top with thé chickén, and thén dréss with tahini to tasté. Sérvé immédiatély.
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